Predicting the end of a stock-market pullback is always a dicey prospect. While there’s growing technical evidence to suggest the worst of the recent correction may be over, it still appears to be too early to call the bottom.

On Tuesday, 92% of the the stocks that trade on the New York Stock Exchange fell on a day when the Dow slumped 170 points and hit a two-month low. Such a wide swath of companies moving in the same direction is a relatively rare occurrence. In fact, Miller Tabak’s technical wizard Jonathan Krinsky crunched the numbers and found that there have only been five other instances this year when more than 90% of NYSE stocks fell.

As the chart below shows, each of those examples occurred right around the time those prior pullbacks ran their course and the market turned higher.

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Back in June the market suffered back-to-back trading sessions where 90% of stocks fell in each of those days. The final occurrence took place on June 21, which prompted us to ask: Is the worst over?

Sure enough, stocks bottomed on June 24 before marching higher and setting a series of record highs before topping on Aug. 2.

Now, the Dow has fallen in 13 of the past 17 trading days and is off 5.6% from its record high. Despite yesterday’s technical patterns, Mr. Krinsky isn’t ready to call the bottom just yet.

“With the one sided selling that we saw on Tuesday, recent history suggests that we should be closer to a bottom than not,” Mr. Krinsky says. “However, blindly assuming that the low is near based on this one reading is obviously not wise. If this is similar to the June correction, for instance, we could have another 4-5% of downside.”

While stocks are moving closer to “extreme oversold condition,” that doesn’t mean they will immediately bounce back. “In each of the prior corrections this year, we have seen an almost immediate V-shaped rally higher” after oversold conditions were reached,” he says. “If we do not get that this time, we could be in for a deeper, more meaningful pullback.”

The Dow recently rose 40 points, or 0.3%, to 14815, led higher by Chevron Corp., Hewlett-Packard Co. and Exxon-Mobil Corp. The S&P 500 increased 5 points, or 0.3%, to 1635.

Other chart watchers echo similar caution about stocks at current levels. The market appears ripe for a bounce, but increasing geopolitical risk in Syria, growing worries about Fed policy and looming showdowns over the budget and U.S. debt ceiling in Washington are making investors hesitant to get too bullish right now.

“Nothing moves in a straight line,and at least a minor bounce should be near as we near the beginning of September,” says Mark Newton, chief technical analyst at Greywolf Execution Partners. “Trading lows could be present by the end of this week, but pattern-wise, indices are growing more bearish…

“So bottom line, it still seems premature to adopt long positions for a bounce.”